Cryptocurrencies gained ground on Tuesday after US President Donald Trump announced the Iran-Israel ceasefire.
By mid Wednesday, bitcoin surpassed $107,000, up 1.8%.
The higher demand on riskier assets comes also Republicans in the Senate propose a new bill to regulate the crypto industry.
The bill allows for crypto trading platforms to register at the CFTC regulatory body, giving it a more legal and lenient status compared to the Biden’s administration.
The new bill comes a week after the Senate also passed the Stablecoins bill to regulate their trading, which is considered a considerable win to the crypto industry.
Major New Investments
Investors are expanding their investments in crypto companies, with Digital Asset gathering $135 million in financing from Goldman Sachs and Citadel Securities among others.
The company describes itself as a crypto regulator body, and intends to use the financing to expand its blockchain network to connect major institutions to the crypto world.
Otherwise, net investments into spot Bitcoin ETFs continued to increase for the 11th day in a row, reaching $588.55 million on Tuesday according to SoSoValue data.
Strong Performance
Bitcoin started the week with a 5% surge in the past two days after the Iran-Israel truce and continued to expand above $106,500 ahead of Powell’s second part testimony ahead of Congress.
Powell took a more conciliatory note in his view of the economy and monetary policies, which boosted the odds of multiple rate cuts this year.
